Download IRS Tax Form 4797 with instructions. Bystep guide for accurate reporting of business property sales ensuring IRS compliance.The Texas Property Tax Code requires owners of business personal property (BPP) to annually render those assets used in a business. A loss on capital asset items held for personal use is not deductible on Form 1040. Is it difficult to file a BPP rendition? Business Personal Property Division. Capital gains taxes in Texas are taxes that you pay on the profit from the sale of an investment asset.